Lee Danner & Bass Inc. cut its position in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 822,780 shares of the bank’s stock after selling 12,937 shares during the period. People’s United Financial accounts for approximately 1.6% of Lee Danner & Bass Inc.’s portfolio, making the stock its 11th largest position. Lee Danner & Bass Inc.’s holdings in People’s United Financial were worth $14,530,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in People’s United Financial by 10.1% in the first quarter. Vanguard Group Inc. now owns 32,902,001 shares of the bank’s stock valued at $598,816,000 after buying an additional 3,027,697 shares during the period. BlackRock Inc. increased its stake in People’s United Financial by 2,026.9% in the first quarter. BlackRock Inc. now owns 26,740,727 shares of the bank’s stock valued at $486,681,000 after buying an additional 25,483,451 shares during the period. Wells Fargo & Company MN increased its stake in People’s United Financial by 10.6% in the first quarter. Wells Fargo & Company MN now owns 17,624,604 shares of the bank’s stock valued at $320,768,000 after buying an additional 1,688,826 shares during the period. Dimensional Fund Advisors LP increased its stake in People’s United Financial by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 8,291,294 shares of the bank’s stock valued at $150,905,000 after buying an additional 86,006 shares during the period. Finally, Epoch Investment Partners Inc. increased its stake in People’s United Financial by 6.5% in the first quarter. Epoch Investment Partners Inc. now owns 7,675,306 shares of the bank’s stock valued at $139,691,000 after buying an additional 468,778 shares during the period. 76.14% of the stock is currently owned by institutional investors and hedge funds.
Shares of People’s United Financial, Inc. (PBCT) opened at 17.44 on Friday. People’s United Financial, Inc. has a 52-week low of $14.82 and a 52-week high of $20.13. The stock has a 50 day moving average of $17.63 and a 200 day moving average of $17.99. The company has a market cap of $5.89 billion, a P/E ratio of 19.46 and a beta of 0.82.
People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.04. The firm had revenue of $366.50 million for the quarter, compared to the consensus estimate of $357.16 million. People’s United Financial had a return on equity of 6.14% and a net margin of 18.88%. People’s United Financial’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 earnings per share. On average, equities analysts anticipate that People’s United Financial, Inc. will post $0.92 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be paid a dividend of $0.1725 per share. This represents a $0.69 annualized dividend and a yield of 3.96%. The ex-dividend date is Friday, July 28th. People’s United Financial’s payout ratio is currently 77.53%.
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PBCT has been the topic of several analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $17.75 price target (up previously from $17.50) on shares of People’s United Financial in a research note on Friday, July 7th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $19.00 price target on shares of People’s United Financial in a research note on Thursday, April 6th. BidaskClub downgraded shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Finally, Zacks Investment Research downgraded shares of People’s United Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Three equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. People’s United Financial currently has a consensus rating of “Hold” and an average price target of $18.25.
In related news, insider Jeffrey Hoyt sold 6,759 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $17.98, for a total transaction of $121,526.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jerry Franklin sold 4,520 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $16.72, for a total transaction of $75,574.40. Following the transaction, the director now owns 97,249 shares of the company’s stock, valued at $1,626,003.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,115 shares of company stock valued at $2,226,820. Corporate insiders own 2.70% of the company’s stock.
About People’s United Financial
People’s United Financial, Inc is a bank holding company and a financial holding company of People’s United Bank (the Bank). The Bank is engaged in providing commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. The Company operates through two segments: Commercial Banking and Retail Banking.
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